Refinery of Mataripe Leads Petrobras and Lowers Gasoline Prices by 5% and Diesel by 9%

The Largest Private Refinery in Brazil, Located in Bahia, Is Leading the Way Ahead of Petrobras by Reducing Gasoline and Diesel Prices by About 9%.

The drop in international oil prices has led the largest private refinery in the country to announce cuts in gasoline and diesel prices. The Mataripe Refinery, operated by the Arab fund Mubadala in Bahia, was charging higher prices than Petrobras. The price of gasoline has decreased by 5.2% and the price of S-10 diesel, which has a lower sulfur content, by 9%, according to data from Acelen, a company created by the Arab fund to operate the private refinery, purchased from Petrobras for R$ 10.1 billion, which has been under private management since December of last year.

Gasoline and Diesel Prices from the Private Refinery Are Reduced

Considering the average adjustment values, the company in Bahia sells diesel cheaper than the average price practiced by Petrobras, which is R$ 5.26 compared to R$ 5.61 per liter. However, gasoline remains higher, with R$ 4.32 charged by Mataripe and R$ 4.05 by Petrobras.

In recent days, amid concerns about a global recession, international oil prices have dropped significantly, fluctuating around US$ 100, equivalent to R$ 535 per barrel. This scenario eliminated the disparity in gasoline and ethanol prices, as well as other fuels.

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Last Thursday (7), according to data from the Brazilian Association of Fuel Importers (Abicom), the average price of gasoline in Brazil is at the same level as the import parity, a concept used by Petrobras in its pricing policy.

Petrobras Has Not Yet Announced New Adjustments

Diesel is R$ 0.27 more expensive than the estimated cost to import the product. This is the second consecutive day without negative disparities. Petrobras, however, has not yet announced adjustments to the gasoline and diesel prices practiced by its refineries.

Since the beginning of private management, the company has been closely monitoring fluctuations in the international market. Under great pressure, Petrobras went 99 days without changing gasoline prices, despite the rise in international prices during that period.

With the fall in oil prices, which reached highs of US$ 140 per barrel, the management of the state-owned company is being urged by supporters of President Jair Bolsonaro to mitigate its fuel selling prices. In announcements about adjustments, however, Petrobras states that it monitors international prices but avoids passing on short-term fluctuations to the domestic market.

Acelen Invests R$ 500 Million in Mataripe Refinery

Acelen announced in April an investment of R$ 500 million aimed at the Mataripe Refinery in Bahia, with the expectation of generating several job opportunities. The funds will be invested in the planned shutdown cycle for the maintenance of the private refinery during 2023.

According to Acelen’s Vice President of Operations, Celso Ferreira, the investment will be used to increase the competitiveness of the refinery in Bahia, which was the first to be sold by Petrobras in its divestment program in the refining segment.

The company’s goal is to increase operational levels, which recorded 65% last year, to over 97% of installed capacity. Acelen believes that through these investments, it will be possible to generate new products, optimize customer service, expand production to other markets, and create new job opportunities in Bahia.